CHAPTER 706 - MOTOR CARRIERS

NAC 706.401908 “Amortization” defined. (NRS 706.167, 706.171) “Amortization” means the gradual extinguishment of an amount in an account by distributing the amount over: 1. A fixed period; 2. The life of the asset or liability to which it applies; or 3. The period during which a …

NAC 706.401909 “Associated companies” defined. (NRS 706.167, 706.171) “Associated companies” means companies or persons that directly or indirectly, through one or more intermediaries, control, are controlled by, or are under common control with, an accounting company. (Added to …

NAC 706.40191 “Book cost” defined. (NRS 706.167, 706.171) “Book cost” means the amount at which property is recorded in accounts without any deduction of related provisions for accrued depreciation, amortization or other purposes. (Added to NAC by Transportation Serv. Auth. by R0…

NAC 706.401911 “Company” defined. (NRS 706.167, 706.171) 1. “Company” means a sole proprietorship, firm, limited-liability company, copartnership, corporation, association or joint-stock association that is operating or providing limousine services subject to the jurisdiction of …

NAC 706.401912 “Contingent liability” defined. (NRS 706.167, 706.171) “Contingent liability” means an item which may, under certain conditions, become an obligation of the company but which is neither a direct nor an assumed liability as of the date of the balance sheet. (Added t…

NAC 706.401913 “Control,” “controlled by” and “under common control with” defined. (NRS 706.167, 706.171) “Control,” “controlled by” and “under common control with” means the possession, directly or indirectly, of the power to direct or cause the direction of the management and p…

NAC 706.401914 “Cost” defined. (NRS 706.167, 706.171) “Cost” means the amount of money actually paid for property or services, or the value of any consideration other than cash determined on a cash basis. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

NAC 706.401915 “Cost of disposition” defined. (NRS 706.167, 706.171) “Cost of disposition” means the cost of demolishing, dismantling, tearing down or otherwise removing the property of a company, including, without limitation, the cost of transportation and incidental handling. …

NAC 706.401916 “Current asset” defined. (NRS 706.167, 706.171) “Current asset” means: 1. Cash; 2. An asset that is readily convertible into cash or is held for current use in operations; 3. A current claim against another person, the payment of which is reasonably assured; and 4.…

NAC 706.401917 “Date of disposal or retirement” defined. (NRS 706.167, 706.171) “Date of disposal or retirement,” as applied to property, means the date on which the property is disposed of or retired. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

NAC 706.401918 “Depreciation” defined. (NRS 706.167, 706.171) 1. “Depreciation,” as applied to operating property, means the loss in service value not restored by current maintenance that is incurred in connection with the consumption or prospective retirement of property in the …

NAC 706.401919 “Discount” defined. (NRS 706.167, 706.171) “Discount” means the excess of the par or face value of securities issued or assumed by a company, or the stated value of no-par stocks, plus interest or dividends accrued as of the date of the sale over the cash value of …

NAC 706.40192 “Functional division” defined. (NRS 706.167, 706.171) “Functional division” means the division of overall activities engaged in by an operating company into identifiable and separable, or reasonably allocated, supporting activities, such as dispatching activities, s…

NAC 706.401921 “Nominally issued” defined. (NRS 706.167, 706.171) “Nominally issued,” as applied to securities issued or assumed by a company, means securities which have been signed, certified or otherwise executed and which have been placed with the proper officer for sale and …

NAC 706.401922 “Nominally outstanding” defined. (NRS 706.167, 706.171) “Nominally outstanding,” as applied to securities issued or assumed by a company, means securities which, after being actually issued, have been reacquired by or for the company under circumstances that requir…

NAC 706.401923 “Original cost” defined. (NRS 706.167, 706.171) “Original cost,” as applied to the property of a company, means the cost of the property at the time of acquisition. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

NAC 706.401924 “Outside labor” defined. (NRS 706.167, 706.171) “Outside labor” means labor services performed for a company by a person who is not an employee, partner or owner of the company. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

NAC 706.401925 “Premium” defined. (NRS 706.167, 706.171) “Premium,” as applied to the securities issued or assumed by a company, means the excess of the cash value of the consideration received from the sale of the securities over the sum of the par or face value of the securitie…

NAC 706.401926 “Property disposed” and “property retired” defined. (NRS 706.167, 706.171) “Property disposed” or “property retired,” as to the property of a company, means property which has been removed, sold, abandoned, destroyed or which for any cause has been withdrawn from s…

NAC 706.401927 “Salvage value” defined. (NRS 706.167, 706.171) “Salvage value” means: 1. The amount received for property disposed or property retired, less the cost of disposition; or 2. An arbitrary value that is set up for accounting purposes on resalable, usable or depreciabl…

NAC 706.401928 “Service life” defined. (NRS 706.167, 706.171) “Service life” means the period between the date on which property is placed in service and the date on which the property is retired from service. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002…

NAC 706.401929 “Service value” defined. (NRS 706.167, 706.171) “Service value” means the difference between the book cost and the salvage value of property owned by a company. (Added to NAC by Transportation Serv. Auth. by R040-02, eff. 9-20-2002)

NAC 706.40193 “Straight-line method” defined. (NRS 706.167, 706.171) “Straight-line method” means the plan for depreciation accounting under which the service value of property is charged to depreciation expenses and credited to depreciation reserves through equal periodic charge…

NAC 706.401931 “Uniform system of accounts for limousine operations” defined. (NRS 706.167, 706.171) “Uniform system of accounts for limousine operations” means the uniform system of accounts for limousine operations established pursuant to NAC 706.401905 to 706.401995, inclusive…

NAC 706.401932 Maintenance of books and records; reports of information. (NRS 706.167, 706.171) 1. A company subject to the jurisdiction of the Authority shall keep its books of account and all other books, records and memoranda that support the entries in its books of account in…

NAC 706.401933 Accounting method and period. (NRS 706.167, 706.171) 1. Each entry in an account prescribed by the uniform system of accounts for limousine operations must be made by the “double-entry” method of bookkeeping, and each such account must be maintained on an accrual b…

NAC 706.401934 Questions of doubtful interpretation. (NRS 706.167, 706.171) To maintain uniformity of accounting, a company shall submit questions of doubtful interpretation to the Authority for consideration and decision. (Added to NAC by Transportation Serv. Auth. by R040-02, e…

NAC 706.401935 Purpose of lists of items. (NRS 706.167, 706.171) Lists of items are included in the texts of the accounts or in the uniform system of accounts for limousine operations to indicate more clearly the application of the prescribed accounting. The lists are intended to…

NAC 706.401936 Use of functional divisions of accounts. (NRS 706.167, 706.171) A company shall use the functional divisions of accounts set forth in the uniform system of accounts for limousine operations if the functional divisions are applicable to the operations of the company…

NAC 706.401937 Inventory requirements. (NRS 706.167, 706.171) 1. A company shall take physical inventories on the last day of each calendar or fiscal year, or in lieu thereof, during the last week of the calendar year or fiscal year, of all materials and supplies that affect the …

NAC 706.401938 Fixed assets. (NRS 706.167, 706.171) A company shall include in its accounts the original cost of all property that: 1. Is owned by the company and devoted to the limousine operations of the company; 2. Has an estimated service life of more than 1 year; and 3. Had …

NAC 706.401939 Depreciable assets. (NRS 706.167, 706.171) 1. To ensure that all records for preparing financial reports which must be forwarded to the Authority are maintained on a comparable basis, the requirements regarding depreciation for reporting and regulatory purposes are…

NAC 706.40194 Gain or loss on dispositions. (NRS 706.167, 706.171) 1. The account for the gain or loss on the disposal of automotive equipment must include all gains or losses on the disposition of limousines of the company devoted to its limousine operations. 2. The account must…

NAC 706.401941 Payroll and payroll costs. (NRS 706.167, 706.171) 1. Salaries, wages and other compensation, including, without limitation, reasonable salaries paid to officers and proprietors and payroll costs applicable to such compensation, must be maintained based on functiona…

NAC 706.401942 Current assets: Items not to be included. (NRS 706.167, 706.171) Any item, the amount or collectibility of which is not reasonably assured, must not be included in the group of accounts designated as current assets unless an adequate provision for possible loss has…

NAC 706.401943 Current assets: Account for cash on hand. (NRS 706.167, 706.171) The account for cash on hand must include all undeposited money, in cash or checks, as of the close of business at the end of a year. Proper credit must be made to the accounts for which this money wa…

NAC 706.401944 Current assets: Account for cash in banks. (NRS 706.167, 706.171) The account for cash in banks must include all money on deposit in a banking institution to the credit of the company. Special cash deposits for payment of interest, dividends, payroll taxes or other…

NAC 706.401945 Current assets: Account for petty cash. (NRS 706.167, 706.171) 1. The account for petty cash must include all money used to facilitate disbursements for small expenditures to avoid the drawing of many small checks, and all money used for check-cashing accommodation…

NAC 706.401946 Current assets: Account for trade accounts receivable. (NRS 706.167, 706.171) 1. The account for trade accounts receivable must include all amounts that are due the company arising from or attributable to the limousine operations of the company and for which paymen…

NAC 706.401947 Current assets: Accounts for employees’ and officers’ accounts receivable. (NRS 706.167, 706.171) 1. The account for employees’ accounts receivable must include all amounts that are due the company from its employees, other than officers, and for which payment has …

NAC 706.401948 Current assets: Account for notes receivable. (NRS 706.167, 706.171) 1. The account for notes receivable must include the book cost, not includable elsewhere, of all collectible obligations in the form of notes, drafts and similar evidences of money due the company…

NAC 706.401949 Current assets: Account for other accounts receivable. (NRS 706.167, 706.171) The account for other accounts receivable must include all amounts which are due the company and which are not attributable to the limousine operations of the company and for which paymen…

NAC 706.40195 Current assets: Account for bad debts. (NRS 706.167, 706.171) Provision for any actual or probable losses under the accounts described in NAC 706.401946 to 706.401949, inclusive, must be credited to the account for bad debts with a corresponding charge to the accoun…

NAC 706.401951 Current assets: Account for inventory supplies. (NRS 706.167, 706.171) 1. The account for inventory supplies must include the inventories of: (a) All gasoline and other fuel in storage tanks at the end of the accounting period, computing value at the lower of cost …

NAC 706.401952 Current assets: Account for prepaid expenses. (NRS 706.167, 706.171) 1. The account for prepaid expenses must include all amounts representing prepayments, including, without limitation, insurance, rents, taxes and other items, and must be maintained and supported …

NAC 706.401953 Current assets: Account for refundable deposits. (NRS 706.167, 706.171) The account for refundable deposits must include all refundable deposits with federal, state, county or municipal authorities, and with fiscal agents or others for the fulfillment of obligation…

NAC 706.401954 Current assets: Account for miscellaneous current assets. (NRS 706.167, 706.171) The account for miscellaneous current assets must include the book cost of all other current assets not provided for elsewhere, appropriately described and supported as to show the nat…